Azerbaijani oil has become cheaper

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $6.85 or 5.57% - to $116.05.

As reported by BAKU.WS, Report was informed by a source on the oil market.

At the close of trading, the price of May futures for Brent crude oil stood at $110.05.

The price of Azerbaijani oil at the Turkish port of Ceyhan under FOB terms decreased by $7.32 or 6.19% - to $110.97 per barrel.

In Azerbaijan's state budget for this year, the oil price is set at $65.

As a reminder, the minimum price for Azeri Light crude was recorded on April 21, 2020 ($15.81), and the maximum - in July 2008 ($149.66).

In Azerbaijan, oil is mainly produced under the agreement for the development of the "Azeri-Chirag-Gunashli" (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 31.65%.